Zoomlion's Old Excesses Still Leave Investor Indigestion

There is a silver lining in China's largest maker of construction machinery warning that profits could crater by more than half. But that lining itself should prompt investors to worry about a related cloud.

Zoomlion Heavy Industry Science & Technology said Monday that net profit in the first half of 2014 will be 60% to 70% less than last year. While investors will have to wait a month to see the actual numbers, the company...